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In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full. In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. This is a conservative way of estimating the company's value.
Zehnder Group AG's Net-Net Working Capital for the quarter that ended in Jun. 2026 was CHF-3.16.
The industry rank for Zehnder Group AG's Net-Net Working Capital or its related term are showing as below:
XSWX:ZEHN's Price-to-Net-Net-Working-Capital is not ranked *
in the Construction industry.
Industry Median: 6.55 * Ranked among companies with meaningful Price-to-Net-Net-Working-Capital only.
Zehnder Group AG (XSWX:ZEHN) Net-Net Working Capital Explanation
One research study, covering the years 1970 through 1983 showed that portfolios picked at the beginning of each year, and held for one year, returned 29.4 percent, on average, over the 13-year period, compared to 11.5 percent for the S&P 500 Index. Other studies of Graham's strategy produced similar results.
Benjamin Graham looked for companies whose market values were less than two-thirds of their net-net value. They are collected under our Net-Net screener.
Zehnder Group AG Net-Net Working Capital Related Terms
Zehnder Group AG Net-Net Working Capital Historical Data
* Premium members only.
The historical data trend for Zehnder Group AG's Net-Net Working Capital can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
XSWX:ZEHN vs TT, JCI, CARR: Net-Net Working Capital Comparison
For the Building Products & Equipment subindustry, Zehnder Group AG's Price-to-Net-Net-Working-Capital, along with its competitors' market caps and Price-to-Net-Net-Working-Capital data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Zehnder Group AG Price-to-Net-Net-Working-Capital vs Construction Industry
For the Construction industry and Industrials sector, Zehnder Group AG's Price-to-Net-Net-Working-Capital distribution charts can be found below:
* The bar in red indicates where Zehnder Group AG's Price-to-Net-Net-Working-Capital falls into.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
In calculating the Net-Net Working Capital (NNWC), Benjamin Graham assumed that a company's accounts receivable is only worth 75% its value, its inventory is only worth 50% of its value, but its liabilities have to be paid in full.
In addition, Graham believed that preferred stock belongs on the liability side of the balance sheet, not as part of capital and surplus. In "Security Analysis", preferred stock is dubbed "an imperfect creditorship position" that is best placed on the balance sheet alongside funded debt.
This is a conservative way of estimating the company's value.
What does a Net-Net Working Capital of CHF-3.16 mean?
Zehnder Group AG (XSWX:ZEHN) has a Net-Net Working Capital of CHF-3.16 as of Jun. 2026. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Zehnder Group AG According to the industry distribution chart, Zehnder Group AG ranks #999999 out of 481 companies in the Construction industry.
Is Zehnder Group AG's Net-Net Working Capital too high?
Zehnder Group AG's current Net-Net Working Capital is CHF-3.16. Based on the distribution chart, Zehnder Group AG ranks #999999 out of 481 companies in the Construction industry, which is in the bottom quartile relative to peers. Overall, Zehnder Group AG has a GF Score™ of 76/100 and is considered Modestly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Zehnder Group AG's Net-Net Working Capital compare to TT and JCI?
According to the Construction industry distribution chart, Zehnder Group AG ranks #999999 out of 481 companies for Net-Net Working Capital. This places Zehnder Group AG in the lower half of its industry. The industry median Net-Net Working Capital is 6.55. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Net-Net Working Capital for a Construction company?
The median Net-Net Working Capital among Construction companies is 6.55, based on 481 companies in the industry. Companies in the top quartile (top 25%) have a Net-Net Working Capital significantly above this median, while those in the bottom quartile fall well below. However, Net-Net Working Capital should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Net-Net Working Capital mean?
A high Net-Net Working Capital can signal that a stock is expensive relative to its fundamentals. Ben Graham defined net-net working capital as the per-share sum of cash, 75% of receivables and 50% of inventory less total liabilities. View historical data on Zehnder Group AG For the Construction industry, the median Net-Net Working Capital is 6.55 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Zehnder Group AG's current Net-Net Working Capital is CHF-3.16. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Zehnder Group AG stock overvalued right now?
Based on GuruFocus' analysis, Zehnder Group AG (XSWX:ZEHN) is currently considered Modestly Overvalued. The stock's GF Value™ is CHF58.64, compared to a current price of CHF71.60 — trading 22.1% above its estimated fair value. The current Net-Net Working Capital is CHF-3.16. Zehnder Group AG's overall GF Score™ is 76/100 with 2 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Net-Net Working Capital calculated?
Net-Net Working Capital is calculated from a company's financial statements. For Zehnder Group AG (XSWX:ZEHN), the current Net-Net Working Capital is CHF-3.16 as of Jun. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Zehnder Group AG (XSWX:ZEHN) Overvalued in 2026?
Based on GuruFocus' analysis, Zehnder Group AG stock appears to be overvalued.
The current stock price of CHF71.60 is trading 22.1% above its estimated GF Value™ of CHF58.64.
GuruFocus considers Zehnder Group AG to be Modestly Overvalued.
Key valuation signals for XSWX:ZEHN:
Net-Net Working Capital: CHF-3.16
GF Value™: CHF58.64 vs. price of CHF71.60 (22.1% above fair value)
No single metric tells the full story. See the XSWX:ZEHN stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Zehnder Group AG is an indoor climate system supplier. The products and services of the Group include heating, cooling, indoor ventilation, and air cleaning. The business activity of the company functions through Europe, China, and North America. The company has two segments, Ventilation and Radiators. The ventilation segment covers the three product lines for ventilation, heat exchangers, and clean air solutions, and generates maximum revenue. The radiator segment contains two product lines: radiators and climate ceilings. The company generates revenue from the EMEA (Europe, the Middle East, and Africa) Region.
76GF Score
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Net-Net Working Capital is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.
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